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What is Financial Literacy?

Financial Literacy– a Signature Program of the National Urban League – changing financial behavior (not just increasing financial knowledge) is essential for a person to reach financial goals and achieve financial well being. The goal of Financial Education is to bring low- to moderate-income families and individuals into the economic mainstream of the 21st century.  

Financial education emphasizes budget, savings and credit and the key components inherent to wealth building.  It takes place in formal, non-formal, and informal educational settings. Formal settings include credit courses offered in high school and colleges. Non-formal settings include financial education training workshops and counseling programs provided by the affiliate at their headquarters outside of formal educational institutions. Informal financial education comes from everyday interactions with people and mass media.  

Financial education is a very broad subject and it can encompass many areas, such as goal setting, wise consumer practices, information gathering, retirement planning, and end-of-life planning, as well as traditional topics such as budgeting, cash-flow management, banking, savings, and investments. Some topics in financial education will continue to evolve in content and importance as both the economy and government policies that affect those topics continue to change.  Other topics, such as decision-making, cash-flow management, savings, credit, debt, housing, and planning for the future will always be important to the individual. These basic topics represent the core of financial education.

Various methods are used to deliver the Urban League’s financial education programs, including:

 
Individual Methods
one-on-one counseling
telephone advising
 
Group Methods
seminars/presentations
training workshops
workshop series
credit courses offered through formal educational institutions
 
Mass Methods
Web-based programs
interactive CD programs
TV programs
newsletters/papers
radio programs
 

NUL supports affiliates with technical assistance that includes: teleconferences and workshops to share best practices; on-site consulting; access to information, models and knowledge; coaching and mentoring; and funding for program implementation, training and conference attendance.

Where is it?

Click Here to find Financial Literacy Locations
 
 

How big is it?

These programs serve roughly 25,000 clients per year.

What have Financial Education participants achieved?

NUL employs a customized evaluation component that has been designed to track and evaluate the significant outcomes of any financial education program and discern the program's ability to change behaviors.  Any outcomes info?  

Who sponsors it?

HUD
Fannie Mae
Freddie Mac
Citi

How can I get help?

Participants' ages, levels of education, socio-economic backgrounds, and learning needs can vary greatly. For example, the ages of potential audiences can range from youth to older adult. Their levels of education can range from elementary school to graduate school. If you want to change your own or your family’s financial behavior, contact the program nearest you to find out what kind of educational services are currently offered.

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